Acin also selected on AIFinTech100, drawn from the most innovative AI solution providers for financial services
LONDON, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Acin has been awarded Risk.net's coveted OpRisk Innovation of the Year Award for the second year in a row. Acin was recognised at this year's Risk Technology Awards for its use of innovative AI technology, data science, and its collaborative peer-to-peer network to pioneer the global standard for operational risk (OpRisk) management.
The Risk.Net awards celebrate the technology companies that are doing the most to support the global banking industry. Acin's latest Innovation of the Year award is in acknowledgement of its ongoing impact on OpRisk management. In particular, it recognises the value of Acin in enhancing control optimisation and OpRisk best practice. This enables its customers to benchmark against peers, reduce control gaps, secure operational savings, reduce residual risk, and avoid losses.
Acin has also been named on the AIFintech100, as one of the leading providers of AI solutions for financial services companies. Acin was selected for its innovative blend of AI technology and data science, which has transformed the management of operational risk from a qualitative, subjective discipline, to one that is quantitative and objective.
Paul Ford, CEO at Acin, said: "As the Acin network continues to grow, it's great that our transformative approach to operational risk management has been recognised by Risk.net and the AIFinTech100. We are continuing to equip the financial services industry with the tools and data it needs."
The AIFinTech100 estimates that potential cost savings for banks from AI applications will reach $447bn over the next 12 months. This implies that the adoption of AI and data analytics solutions by financial institutions is rapidly growing, and, as a result, the selection process for this year's AIFinTech100 list was extremely competitive.
FinTech Global director Richard Sachar said, "Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers. The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry."
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Founded in 2018, Acin has built the defining data network for operational risk control, for leading financial institutions.
Acin's award-winning Risk Control Diagnostics platform digitizes and assures operational risk controls in a connected data network across the financial services industry. Backed by Fitch Ratings, and trusted by JP Morgan, Credit Suisse, Standard Chartered and other pioneers. Acin assures operational risk controls are complete, efficient and calibrated to the market.
Using technology and data science Acin is equipping financial institutions to quantify, calibrate, and visualize their operational risk control data - transforming operational risk control from a manual, qualitative and subjective discipline into one that is automated, quantitative, and robust.
Our dynamic Acin platform powers a first-of-its-kind peer-to-peer network that enables anonymized benchmarking and the sharing of collective intelligence on operational risk controls, ensuring they are complete, effective, correctly calibrated, and efficient. This empowers customers to measure, mitigate and manage operational risk more effectively, and in turn safeguard their reputation, reduce costs, and build operational resilience.
Acin is used business-wide at many of the world's most significant financial institutions. It has achieved global industry recognition, including from the Chartis Research as a 2022 RiskTech100® 'Rising Star', American Financial Technology Awards 2020, Regulation Asia Awards 2020, UK FinTech Awards 2020, and was named one of the most innovative RegTech companies in 2019 and 2020.
Read Acin's latest report, Risk Control 2022: What's now and What's next? in conjunction with Risk.net, exploring the current state of risk controls, the challenges of effective engagement, and the opportunity to develop a more proactive and dynamic approach to risk control.
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